According to Dentons, the transaction also involved the sale of a minority package by two minority shareholders who remained in the business.
Flashnet is a Romania-based company that integrates IT, energy, and telecommunications technologies into hardware and software solutions, creating and implementing intelligent systems for urban infrastructure.
The Engie Group specializes in low-carbon energy and related services. The company employs over 170,000 people around the world.
The UK-headquartered Lucy Group and its subsidiary Lucy Zodion specialize in street lighting controls, smart lighting, and smart city technologies.
"We are very excited to join the Lucy Group and to unite our smart lighting business and expertise," Flashnet CEO Lorand Mozes commented. "I believe that our world-class technology, long-term vision together with Lucy Group’s growth strategy is a perfect match and creates a unique opportunity to become a global leader in the delivery of smart lighting solutions. More importantly, with the Lucy Group we share the mission to shape a more sustainable future for the next generations."
"The acquisition of a majority shareholding in Flashnet very much aligns with our strategic aim of creating a market-leading smart lighting business," Lucy Zodion Managing Director John Fox added. "Flashnet’s technology, markets, and capabilities are very complementary to Lucy Zodion’s, allowing us to combine the smart lighting elements of the businesses to deliver even better customer solutions, greater geographic coverage, and exciting composite business growth."
The Dentons team was led by Partners Cristina Daianu and Claudiu Munteanu-Jipescu and included Partners Tiberiu Csaki and Raul Mihu and Counsels Cristina Marcu, Argentina Rafail, and Elena Vlasceanu.